Après un S1 solide une moindre visibilité au S2 - NEUTRE - OC 94€ (vs 96€)
Le S1 2016 est marqué par une progression de +13,5% du CA et de +40% de l’EBITA. La marge atteint 6,1%, +1,2pts (branche Auto : 4,7%, +1,5pts) au-dessus des attentes. Mais le RN (1,5Md€, +8,8%) et le FCF (381m€) sont en dessous des attentes. Au S2, les éléments qui ont pesé au S1 (Taux d’IS, BFR, SME) devraient se corriger mais le groupe met l’accent sur les risques qui pourraient pénaliser l’EBITA (« Brexit », Turquie, consolidation d’Avtovaz). Nos prévisions sont maintenues à ce stade intégrant correctement ces risques. Depuis notre changement d’opinion à NEUTRE vs ACHAT (le 1er avril, cours : 87€), le potentiel s’est reconstitué (+23%) vs notre objectif de 94€ (vs 96€ préc). Néanmoins, au regard de la visibilité S2, notre opinion NEUTRE est réitérée.Renault is an automobile manufacturer. Co.'s activities have been organized into two main business sectors, in more than 120 countries: Automotive and Sales Financing. Co. designs, develops and sells passenger cars and light commercial vehicles. Following the acquisition of Romanian carmaker Dacia and Samsung Motors' operating assets in South Korea, Co. has three automotive brands: Renault, Dacia and Samsung. RCI Banque, Co.'s captive financing arm, finances sales of the Renault, Renault Samsung Motors (RSM) and Dacia brands, and, in Europe, the Nissan and Infiniti brands. In addition to these two activities, Co. has equity investments in the following two companies: Nissan and AVTOVAZ.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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